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Question 1 Presented below are the draft individual statements for Omnicorp, Minicorp and Microcorp Limited for the year ended 31 December 2017. Statements of Financial Position. Assets Omnicorp corp Minicorp Microcorp Non-current Assets Land 35,000 20,000 PPE 65,000 50,000 50,050 Investments Sub 100,000 Assoc 30,500 230,500 70,000 50,050 Current Assets Inventory 36,000 20,000 27,000 83,250 Receivables 125,000 26,300 Bank 3,100 25,650 2,500 113,350 186,650 48,800 Total Assets 343,850 256,650 98,850 Equity and Liabilities Share Capital *N.V. 0.50c Share Premium 50,000 100,000 25,000 10,000 Retained Profits 26,450 45,300 25,000 General Reserve 96,500 64,250 5,000 Total equity 182.950 209.550 55,000 This question continues on next page SOCE extract -Movements in Reserves Macro Micro Mini Profits brought forward as at 01/01/2018 800,000 375,000 450,000 429,000 Profit for the year ended 31/12/2018 213,400 146,200 Dividends Paid (18,750) (22,222) Retained profits as at 31/12/2018 879,000 994,650 498,978 Additional Information; 1) Macro acquired 80% of Micro on the 31/12/2017 when the retained profits in Micro was 800,000. The consideration for the acquisition a cash payment of 1,600,000. On the date of acquisition the fair value of the land of Micro was revalued at 2,277,604. All other assets were stated at fair value. No adjustments to date have been made in the financial statements of Micro to reflect any changes in fair values on assets at acquisition date. 2) Goodwill arising on acquisition was reviewed for impairment at the reporting date and an impairment loss of 131,979 was considered necessary. 3) Macro acquired 540,000 shares of Mini the 31/12/2017 for a consideration of 750,000 when the retained profits in Mini was 375,000. On the date of acquisition the fair value of the land of Mini revalued at 388,889. All other assets of were stated at fair value. No adjustments to date have been made in the financial statements of Mini to reflect any changes in fair values on assets at acquisition date. 4) Goodwill arising on acquisition was reviewed for impairment at the reporting date and no impairment loss was considered necessary 5) An amount of 100,000 of the Closing inventory of Micro at year end has been invoiced to Macro the mark up on cost made by Data Engineering on these sales was 20%. 6) The amount of 50,000 is recorded in the receivables of Micro and the payables of Macro. 7) Macro received dividends paid by Micro of 15,000 and Mini of 10,000 which were declared out of post-acquisition profits. Required; Prepare the Consolidated Statement of Financial Position of Macro as at 31/12/2018. Question 1 Presented below are the draft individual statements for Omnicorp, Minicorp and Microcorp Limited for the year ended 31 December 2017. Statements of Financial Position. Assets Omnicorp corp Minicorp Microcorp Non-current Assets Land 35,000 20,000 PPE 65,000 50,000 50,050 Investments Sub 100,000 Assoc 30,500 230,500 70,000 50,050 Current Assets Inventory 36,000 20,000 27,000 83,250 Receivables 125,000 26,300 Bank 3,100 25,650 2,500 113,350 186,650 48,800 Total Assets 343,850 256,650 98,850 Equity and Liabilities Share Capital *N.V. 0.50c Share Premium 50,000 100,000 25,000 10,000 Retained Profits 26,450 45,300 25,000 General Reserve 96,500 64,250 5,000 Total equity 182.950 209.550 55,000 This question continues on next page SOCE extract -Movements in Reserves Macro Micro Mini Profits brought forward as at 01/01/2018 800,000 375,000 450,000 429,000 Profit for the year ended 31/12/2018 213,400 146,200 Dividends Paid (18,750) (22,222) Retained profits as at 31/12/2018 879,000 994,650 498,978 Additional Information; 1) Macro acquired 80% of Micro on the 31/12/2017 when the retained profits in Micro was 800,000. The consideration for the acquisition a cash payment of 1,600,000. On the date of acquisition the fair value of the land of Micro was revalued at 2,277,604. All other assets were stated at fair value. No adjustments to date have been made in the financial statements of Micro to reflect any changes in fair values on assets at acquisition date. 2) Goodwill arising on acquisition was reviewed for impairment at the reporting date and an impairment loss of 131,979 was considered necessary. 3) Macro acquired 540,000 shares of Mini the 31/12/2017 for a consideration of 750,000 when the retained profits in Mini was 375,000. On the date of acquisition the fair value of the land of Mini revalued at 388,889. All other assets of were stated at fair value. No adjustments to date have been made in the financial statements of Mini to reflect any changes in fair values on assets at acquisition date. 4) Goodwill arising on acquisition was reviewed for impairment at the reporting date and no impairment loss was considered necessary 5) An amount of 100,000 of the Closing inventory of Micro at year end has been invoiced to Macro the mark up on cost made by Data Engineering on these sales was 20%. 6) The amount of 50,000 is recorded in the receivables of Micro and the payables of Macro. 7) Macro received dividends paid by Micro of 15,000 and Mini of 10,000 which were declared out of post-acquisition profits. Required; Prepare the Consolidated Statement of Financial Position of Macro as at 31/12/2018